Prepare journal entries to record these selected transactions for Eduardo Company.
Nov. 1 Accepted a $5,000, 180-day, 6% note dated November 1 from Melosa Allen in granting a time extension on her past-due account receivable.
Dec 31 Adjusted the year-end accounts for the accrued interest earned on the Allen note.
Apr 30 Allen honors her note when presented for payment; February has 28 days for the current year.
The answer is... View the full answer